Is Your Business at Risk? 10 Tips to Manage Risk and Maximize Value
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A common misconception about entrepreneurs is that they are wild risk takers. In actuality, the most successful entrepreneurs are experts at calculating and minimizing risk wherever possible. Minimizing risk isn't just about protecting your company -- it's about increasing your value and improving your attractiveness to investors. In this presentation, Mary Juetten, from Traklight (www.traklight.com) and EGFS (www.earlygrowthfinancialservices.com) provide an in-depth look at the greatest risks threatening your company, and how to best manage these risks. Topics covered include: - Choosing the best business entity for your company - What patents really are -- and aren't - Best practices for co-founder agreements - Employees v. Contractors - what you need to know - Risks of crowdfunding - Avoiding litigation - And more!
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Is Your Business at Risk? 10 Tips to Manage Risk and Maximize Value
- 1. Disclaimer: This presentation is intended to be general information. Nothing in the presentation constitutes legal advice. Please consult with an attorney before making any intellectual property protection decisions. Is Your Business at Risk? TEN TIPS TO MANAGE RISK AND MAXIMIZE VALUE
- 2. Mary Juetten Founder & CEO Traklight @traklight @maryjuetten mejuetten@traklight.com • CEI Incubator Graduate • Forbes, ABA LegalTech Contributor • 30 years business experience • J.D., CPA, CA • MSNBC, AZ PBS, SXSW V2V, LAUNCH Speaker • SUCCESS Magazine Start Small, Win Big 2013 winner
- 5. IS YOUR BIZ AT RISK? 1. Entity 2. Co-Inventors 3. Co-Founders 4. Employee v. Contractor 5. Disclosure 6. Fundraising 7. Records 8. IP Strategy 9. Financial Projections 10. Pending Litigation
- 7. #1 - Don’t go it alone – get an entity!
- 8. • C Corp • S Corp • LLC Limit personal liability
- 9. Patents (Utility & Design) #2 – Co-Inventors
- 10. Copyright © A patent is not:
- 11. Trademark A patent is not: Image courtesy: Shelby Asistio ™ ℠ ®
- 12. Who: IP Ownership Challenges Multiple Inventors
- 13. When: Key Dates to Remember • Date of Idea/Inventions (First to Invent → First INVENTOR to file) • Date of Use • Date of Filing • Date of Conversion • Renewals
- 14. #3 - Co-Founder
- 17. Who: IP Ownership Challenges • Who are you? Employee of another company • Proper assignment of IP rights — personal vs company • Assume that ownership extends outside the US
- 18. Software Work for Hire
- 19. Fines, Penalties (don’t forget interns)
- 20. #5 - Disclosure
- 22. Homepage INTERNET IS PUBLIC DISCLOSURE
- 23. #6 - Fundraising Careful re new rules Solicitation
- 24. Start on the right Trak Do NOT start with creating a campaign, pitch, or business plan. THIS APPLIES TO ALL FINANCING!
- 25. 80% of a business’ value is in their IP.
- 26. Identify IP Protect IP Pick a Platform Build Social Capital Create a Pitch Practice Safe Crowfunding
- 28. Crowdfunding Federal Securities Equity is not yet legal instead: states, - Reg A+ (June 2015)S
- 29. #7 - Records
- 30. #7 - Records Filing for business is imperative – investors, banks and IRS (Don’t forget to keep records too)!
- 31. #8 - Got intellectual property? Why care… 100% of all companies have IP.
- 32. Avoid IP loss, infringement, or business failure. When do you need an IP strategy?
- 33. Exclude competition: Attract investment (including crowdfunding); Leverage and license. When do you need an IP strategy?
- 34. IP theft costs US companies $300 billion annually
- 35. Trade Secrets— unsung heroes Not always patents: Image courtesy: Beverley Goodwin
- 37. IP is just for tech startups or tech companies, and patents are the only IP for inventors. IP Mis-steps
- 38. You can copy anything without a copyright © IP Mis-steps
- 39. Domain = TM IP Mis-steps
- 40. If I pay for it, I own it. IP Mis-steps
- 41. Patents mean right to make or sell. IP Mis-steps
- 42. Strategies to Protect IP Secrets: - Notary - IP Vault - Copyright software Hire a Professional: - Attorney, Consultant, - LegalZoom, Rocketlawyer Do It Yourself: - USPTO.gov - copyright.gov
- 43. #9 FINANCIALS • Realistic • Detailed • Know your numbers
- 44. #10 PENDING LITIGATION Disclose it!
- 45. Ignorance Is NOT A Defense
- 46. Read, Read, Read Read contracts, licenses, and permission to use
- 47. Read, Read, Read Check out CreativeCommons.org
- 50. Questions? www.traklight.com Free Business Risk Assessment Mary Juetten mejuetten@traklight.com @traklight Slides available on slideshare.net/Traklight @maryjuetten
Editor's Notes
- Insert EGFS LOGO ON THE TOP
- Insert EGFS presenter.
- Minimize Risk of losing valuable assets by not protecting or managing them because it seems too expensive or too much work Maximize Value: financial gain through investment, corporate deals, licensing, product development, and improved market position
- Please fix formatting and font
- Text - #3 – Co-Founder slide with a group of people looking happy – title slide
- Slide with sad face or something. Text - Handshakes = Headaches
- #4 – Employee v. Contractor – show a picture with a ton of people in the background Text - Employee v. Contractor
- Add a slide that shows money burning instead of this picture–this will be the time and effort into fines and penalties employees as contractors, including interns Text - Fines, Penalties (don’t forget interns)
- Screenshots of different people’s campaigns with examples of creative perks (t shirts, pre-orders, etc) . Kickstarter’s, IG’s logos. Rocket Hub, Rocket Ventures, Micro-ventures, Prosper Lending, Georgia CF (Business Intra-State Crowdfunding). Take screen caps of those platforms.
- Text at the bottom – INTERNET IS PUBLIC DISCLOSURE
- Text – Filing for business is imperative – investors, banks, and IRS! Don’t forget to keep records too. Show a picture of a jail
- Text - #9 – Financial Projections Realistic Detailed Know your numbers! Picture of books or accounting (not another computer picture)